Record revenues for Universal Detection Technology

Last week Universal Detection Technology, which sells early warning monitoring technology for biological, chemical, and radiological threats, announced record high revenues for its most recent quarter.

In the company’s second financial quarter, which ended 30 June, revenues increased 2,675 percent to $30,508 from $1,099, its highest in more than two years.

The strong performance is largely the result of high demand for radiation detection equipment both domestically and abroad.

“We are pleased with our revenue growth from the previous quarter and we are on pace for another increase in the next quarter. We have also continually expanded our product offerings throughout the CBRN spectrum and are continuing to grow and nurture our distribution networks,” said Jacques Tizabi, the chairman and CEO of Universal Detection. “Our plans for the remainder of 2011 include, expanding our sales force, expanding targeted regional advertising, and having more exhibitions at targeted trade shows. Also, as we receive feedback from our customers, we will be taking R&D initiatives to develop products suited for customers in the markets we serve.”

The company expects its third quarter revenues to surpass its second quarter performance based on its current backlog and recently shipped devices.